The Australian Dollar was higher Wednesday against the US dollar, further setting a new high.
The Aussie was trading at 1.0327, up 0.35% at the time of this writing.
Is the Aussie reaching a top?
Here’s a quick update on technicals, fundamentals and community trends.
- Previous sessions: The Aussie traded in an uptrend for most of the session today, peaking at 1.0335 in the third quarter of the session and then consolidating to its current level.
- From a technical point, the Aussie appears to be overbought and we can expect a correction on some negative news.
- Current range: 1.0269 – 1.0337
- Further levels: Below: 1.0315, 1.0318, 1.0322 Above: 1.0329, 1.0332, 1.0336
- AUD / USD likely to find support at 1.0189, and resistance at today’s high of 1.0337.
- 08:30 US Unemployment Claims Exp. 379K Prev. 382K
- 09:45 US Chicago PMI Exp. 70.1 Prev. 71.2
- 10:00 US Factory Orders m/m Exp. 0.7% Prev. 3.1%
- 10:30 US Natural Gas Storage Exp. -2B Prev. -6B
- 12:45 US FOMC Member Tarullo Speaks
- 18:30 Australia AIG Manufacturing Index Prev. 51.1
* All times are GMT.
For the major events due later in the week, see the AUD/USD forecast.
- The US releases payroll figures today, which were mostly as expected.
- A tremendous amount of uncertainty still lies around the true extent of the Japanese tsunami and its local and global economic impacts. Furthermore, the ongoing nuclear crisis in Japan is also a cause of uncertainty and fear.
Currensee Community: 84% are short, 16% are long. 347 open positions in real accounts trading this pair at the moment. The community is expecting lower levels of the pair ahead.